Shelf space for instant noodles in West Africa may require expansion as the industry — more recently developed by an Indonesian producer — has received a $10.5 million boost.
According to Ghana Web, Finavest Services Ltd. and Thai President Foods Public Company Ltd. (Thai President Foods) have created the agreement which will form a new company (President and Pragma Foods Ltd.) and fund a production factory.
“There is strong potential to further develop the instant noodle market across West Africa, but high import tariffs and port congestion make this very challenging,” Ramzi Nahas, CEO of Finavest Services Ltd. said in the report.
Local and other West African markets will benefit from the factory’s distribution to be carried out through Finatrade. The production facility, backed by exportation revenue and job creation, is expected to give the country’s economy a slight push.
“At Finatrade we connect with consumers across West Africa through our well established and vertically integrated distribution network,” Nahas added. “We expect our instant noodles to provide consumers with a flavorful, convenient snack that brings quality nutrition to their daily lives.”
Finavest will act as President and Pragma Foods’ West African consumer market advisor, while Thai President Foods will handle the technical aspects of the partnership, Ghana Web reported. Finavest Services Ltd. has also established a pasta production factory — the first in the country.
According to Ghana Web, Thai President Foods — producer of the popular Mama noodles — is the “largest instant noodle producer in South East Asia.”
“Thai President Foods is proud to be associated with Pragma Investments in President and Pragma Foods Ltd, and we look forward to continuing our strong and positive relationship for many years to come,” Pipat Paniangvait, CEO and Vice Chairman of Thai President Foods concluded.